Bitcoin Holds Key Level as Altcoins Face Bearish Pressure

Bitcoin started the week cautiously as bulls try to keep the price above $67,500 while bears sell rallies near the $74,508 resistance. Investors are not rushing to buy the dip, with $133.3 million in outflows from BTC exchange-traded products last week and $3.8 billion leaving crypto investment products over the past four weeks.

If BTC ends the month below $79,500 it would post its first-ever consecutive negative monthly closing in January and February, and with more than a 22% loss it is facing its worst first-quarter performance since the 49.7% decline in 2018. Strategy co-founder Michael Saylor indicated the company is buying more BTC, marking its 99th transaction.

The wider market shows mixed signals. The S&P 500 is fighting at the support line of an ascending channel, with moving averages near a bearish crossover and the RSI in negative territory; a break below 6,780 could push the index to 6,720 and then 6,550, while a move above 7,002 would keep buyers in control and open a path toward 7,290.

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